10-Year T-Note Yield at 4.70%, Gold at $4599.60: U.S. Markets as of August 21, 2026

The 10-year U.S. T-Note yield is at 4.70% as of August 21, 2026, unchanged from the previous session, according to data published by the St. Louis Federal Reserve (FRED).

10-Year T-Note Yield at 4.70%: Stability in U.S. Treasury Markets

The 10-year U.S. T-Note is the benchmark U.S. government bond with a maturity of 10 years, considered the global reference for long-term interest rates. It reflects the cost of borrowing for the U.S. government over a decade and influences mortgage rates, corporate loans, and sovereign bonds worldwide. At 4.70%, this yield remains stable, indicating that investors have not adjusted their long-term inflation or economic growth expectations for the day.

For a French retail investor, this level of yield means that U.S. Treasury notes offer a high nominal return, but the EUR/USD exchange rate (1.17) must be considered to assess the return in euros. With one euro equaling 1.17 dollars, a 4.70% yield in dollars translates to approximately 4.70% in euros, as the exchange rate is stable for the day. However, currency fluctuations can impact the final return for European investors.

Short-Term Rates at 3.70%: The Cost of Short-Term Credit Remains Elevated

The three-month Fed Funds proxy rate is at 3.70%, also unchanged. This rate represents the cost at which banks lend money to each other in the U.S. overnight, and it is directly influenced by Federal Reserve monetary policy. It is 1 percentage point lower than the 10-year rate, creating a slightly upward-sloping yield curve, signaling that investors expect moderate long-term growth and inflation.

This 3.70% rate is a key indicator for markets: it reflects the price of money in the short term. For French savers, this can influence the returns on dollar-denominated money market funds, but for euro investments, European Central Bank (ECB) policy is more relevant. The FRED data does not provide information on ECB rates, so we focus solely on U.S. data.

EUR/USD at 1.17: Stable Parity, Limited Impact on Transatlantic Investments

The euro-dollar exchange rate stands at 1.17, unchanged for the day. This means that one euro buys 1.17 dollars. This stability is notable in a context where interest rate differentials between the eurozone and the U.S. often drive the exchange rate. With U.S. rates at 4.70% and likely lower European rates (not provided), higher yields in the U.S. traditionally attract capital, which could support the dollar. However, current stability suggests that markets have already priced in these differentials.

For a French investor, an EUR/USD rate of 1.17 means that U.S. assets (stocks, bonds) have a specific entry cost in euros. A depreciation of the euro against the dollar would increase the euro-denominated return of dollar investments, and vice versa. Current stability reduces foreign exchange-related uncertainty.

Gold at $4599.60 per Ounce: Yellow Metal at Record Levels, Signaling Safe-Haven Demand

The price of gold is $4599.60 per ounce, unchanged for the day. This level is exceptionally high, indicating strong demand for safe-haven assets, often during periods of economic or geopolitical uncertainty. Gold does not generate income but is considered a store of value. For a French investor, gold can be accessed through ETFs or coins, and its price in euros depends on the exchange rate. At 1.17 dollars per euro, the price of gold in euros is approximately €3931 per ounce (4599.60 / 1.17).

This stability of gold at such elevated levels reflects investor sentiment toward safe assets and underscores the current macroeconomic environment.